SEBI Digital KYC: SEBI has proposed to simplify digital KYC for NRIs, OCIs and foreign nationals living abroad. Know what will change from this and who will benefit.
SEBI Digital KYC: Investing in the Indian stock market may now become easier for Indians living abroad. Market regulator SEBI has proposed simplifying the digital KYC process for NRIs, Non-Resident Citizens of India, and Foreign Nationals living abroad. This will eliminate the need for investors to travel to India to complete KYC.
SEBI has issued a consultation paper stating that individuals living outside India in FATF-compliant countries will be allowed to complete KYC and onboarding digitally from abroad.
What are the current rules?
Currently, digital onboarding is quite difficult for customers living outside India. During digital KYC, the customer’s location must be in India, and latitude and longitude are captured. Consequently, NRI investors living abroad must travel to India for the physical KYC process.
What methods will be used?
SEBI has discussed several options to simplify digital KYC. These include digital signatures, DigiLocker, digital Aadhaar authentication, and video-based in-person verification. However, digital KYC does not mean that verification will be completely free of security checks. The regulator has also proposed several security measures to confirm the identity and location of investors.
Who will benefit?
The proposal covers NRIs, OCIs, and all foreign nationals living outside India. However, it is specifically for those living in FATF-compliant countries.
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The post SEBI Digital KYC: NRIs sitting abroad will be able to do digital KYC without coming to India. first appeared on informalnewz.
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